Strong September Quarter for Genesis, but Not Material to FVE
Narrow-moat Genesis Energy started the fiscal year strongly, leading us to marginally increase our fiscal 2018 earnings forecasts. We do not materially change our longer-term forecasts, and we maintain our NZD 2.10 fair value estimate. The firm's generation division was the highlight, as it benefited from stronger wholesale electricity prices combined with higher output from its hydroelectric and thermal power stations. The wholesale price has since fallen, suggesting the period of overearning i...Genesis Energy Limited is an energy company involved in the generation of electricity, retailing and trading of energy, and the development and procurement of fuel sources. The Company operates through four segments: Customer experience, Energy management, Oil and gas, and Corporate. The Customer experience segment is engaged in supplying of energy (electricity, gas and liquefied petroleum gas (LPG)) and related services to end user customers. The Energy management segment is engaged in the generation and trading of electricity and related products. The segment includes electricity sales to the wholesale electricity market, derivatives entered into to fix the price of electricity, and wholesale gas and coal sales. The Oil and gas segment is engaged in the exploration, development, production and sale of gas, LPG and light oil. The Corporate segment is engaged in new generation investigation and development, fuel management, information systems and property management, among others.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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